Almost 25 per cent of the trade between the United Kingdom (UK) and the Caribbean is recorded between the UK and Guyana, with trade amounting to £1.2 billion in 2022.
This is according to the British High Commissioner to Guyana Jane Miller on Tuesday evening during an event to celebrate the Coronation of King Charles III and Queen Camilla.
“Trade of goods and services between the UK and Guyana was approximately £1.2 billion this year [2022] which increased by £840 million in 2021,” Miller said. This, she added, marks Guyana’s position as the largest trading partner for the UK in the Caribbean.
The High Commissioner further highlighted the longstanding partnership between Guyana and the UK, evidenced by several successful trade missions and high-level visits and discussions.
Signalling continued trade and investments between the two countries, last November, Foreign Affairs and International Cooperation Minister Hugh Todd and His Majesty’s Trade Commissioner for Latin America and the Caribbean Jonathan Knott signed a partnership agreement.
“This signing of a government-to-government (G2G) partnership arrangement [meant] the UK will work alongside the Government of Guyana and the private sector to deliver faster, fairer and greener economic growth to the country,” Miller said.
The diplomat added that British interest in Guyana is at an all-time high and the positive feedback from the previous two trade missions is encouraging the occurrence of more trade missions this year.
“More than half of all the companies that came here have developed a partnership agreement with a local company, have started exporting their goods, or have established a presence here in Guyana,” the High Commissioner said.
“We continue to advocate and support countries that will bring to [Guyana] efficiency, transparency, quality, and innovation and those that want long-term relationships with Guyana’s development.”
The recent establishment of the British Chambers of Commerce in Guyana in March, Miller said, is also a way to protect, promote and encourage trade and commerce between the countries, thereby improving the quality of business opportunities across the nations.
Representing the Government at the event, Parliamentary Affairs and Governance Minister Gail Teixeira noted that the UK has been proactive in developing trade and commerce in Guyana through private-sector interaction, adding that given Guyana’s economic trajectory, the country is well-placed for partnerships and sharing of its own unique approaches to global issues.
Guyana has been relentless in its efforts to foster a business-friendly climate to attract more foreign direct investments, the Parliamentary Affairs Minister explained. As such, hearing of the potential from British companies is “very encouraging.”
“Guyana considers the UK as a development partner and believes our ties will strengthen as Guyana collaborates with the UK to address some more urgent issues such as climate change, investment and trade opportunities, fair trade relations between and among countries, particularly small, developing countries, and sustainable energies among others,” Teixeira said.
